Bitcoin dips below $78K as stocks, gold fall on higher US PCE Inflation data
Bitcoin stayed away from challenging $80,000 after July US PCE inflation data came in slightly higher than anticipated, pressuring gold and risk assets.
Bitcoin struggled to break past the $80,000 mark after July's U.S. PCE inflation data surpassed expectations. The July Personal Consumption Expenditures (PCE) inflation rate came in at 3.7% year-on-year, higher than the expected 3.6%. This data caused a decrease in Bitcoin's price, with the cryptocurrency falling below $78,000 following the Wall Street open on Wednesday.
TradingView data showed up to a 1% daily loss in BTC price, with U.S. stocks and gold also experiencing decline, breaking below $4,600 per ounce. The PCE numbers, released by the Bureau of Economic Analysis (BEA), indicated a 0.2% increase in July, excluding food and energy. Market analysts noted that U.S. inflation remains nearly double the Federal Reserve's 2.0% target.
The PCE data was released just before the Fed's annual Jackson Hole economic symposium, where Chairman Kevin Warsh was set to deliver the keynote speech. Investors were keeping an eye on Nvidia's Q2 earnings report, which was expected to reveal short-term volatility in risk assets. Bitcoin traders turned to the upcoming August monthly candle close, warning of potential lower highs in the market since October 2025.
Analyst Rekt Capital advised a cautious approach, highlighting the 50-week exponential moving average ($77,251) as a key trend line to reclaim and maintain.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
